• Zhongyu Gas returns for $250m three year loan

    Zhongyu Gas Holding has returned to the offshore loan market for its second borrowing this year, offering a $250m three year facility.

    • 09:00 AM
  • Kangde Xin dollar bond plunges to new low

    Bonds issued by China’s Kangde Xin Composite Material Group plummeted in the secondary market on Monday, losing around a third of their value after rumours of an onshore default.

    • 08:30 AM
  • Zhengzhou Metro follows LGFV peers to bond market

    Zhengzhou Metro Group became the latest Chinese local government financing vehicle (LGFV) to price a dollar bond, turning to the market on the same day two issuers in Chengdu and Yichang also raised funds.

    • 14 Dec 2018
  • Fantasia pays 15% for $130m bond

    Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.

    • 14 Dec 2018
  • CS argues new look levfin biz is safer

    Credit Suisse used part of an investor day on Wednesday to offer a staunch defence of its leveraged finance business, which forms a larger part of its investment banking and markets business than at its major competitors, but which has seen increasing regulatory scrutiny this year.

    • 13 Dec 2018
  • CLO investors eye quiet start to 2019 as volatility bites

    Leveraged loan prices are plummeting in secondary trading and CLO managers are scrambling to market new deals even after US equities have recovered from their recent tumble.

    • 13 Dec 2018
  • Spain’s Dia denies endorsing LetterOne, mulls rights issue

    Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles this week, away from the potential debt cut and cash injection recently suggested by its largest single shareholder, LetterOne.

    • 13 Dec 2018
  • Leverage in high yield hits 2007 highs, says SEB

    Record numbers of speculative grade bonds have exceeded the limits of the European Central Bank's leveraged lending guidelines, research from SEB showed this week.

    • 13 Dec 2018
  • Anta to launch €2.2bn Amer acquisition loan in January

    Chinese sportswear company Anta Sports Products is in talks with its six-strong bank group, mulling the syndication strategy for a €2.2bn five year loan to support the acquisition of Finland’s Amer Sports Oyj.

    • 13 Dec 2018
  • Chinese LGFVs hurry out as disappointing year nears end

    As many as nine local government financing vehicles (LGFVs) came to the offshore bond market this week, relying on anchor orders to price deals before their regulatory quota expires. But as 2018 nears its end, the pressure the sector faces is far from over, writes Addison Gong.

    • 13 Dec 2018
  • Greenland builds bond off anchor orders

    Greenland Hong Kong Holdings closed the year with a $200m bond on Wednesday, as the high yield issuer took advantage of its anchor investors and the relatively positive market backdrop.

    • 13 Dec 2018
  • Dia denies endorsing LetterOne’s debt restructuring plan, but mulls rights issue

    Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles on Wednesday, away from the potential debt cut and cash injection recently suggested by its largest single shareholder LetterOne.

    • 12 Dec 2018
  • High yield funds face their ‘worst scenario’ for index returns

    Investors in leveraged debt in Europe were hoping for stable new issue spreads, calm secondary markets and receding fund outflows. But as the year ends, they are finding out that dreams do not come true, but nightmares might.

    • 12 Dec 2018
  • Corporate bond market blocks out Brexit noise for now

    Due to the lack of new issuance for over a week in the European corporate bond markets, the vote of no confidence in UK prime minister Theresa May was the talk of both the buy and sell sides on Wednesday morning. But there has been little effect on the market itself so far where political developments in other European states are more of a concern.

    • 12 Dec 2018
  • LGFVs, Kaisa rush out before funding drains

    Three Chinese local government financing vehicles (LGFVs) managed to push out last-minute dollar deals before the year end on Tuesday, while property developer Kaisa Group Holdings raised $300m from a 365-day bond at a double-digit yield.

    • 12 Dec 2018
  • HDFC swings into Samurai loan market

    Housing Development Finance Corp is taking the Samurai loan route for its second syndicated financing of the year.

    • 12 Dec 2018
  • Sofr comes down from all-time highs

    The Secured Overnight Financing Rate (Sofr), the chosen alternative to dollar Libor rates, has shown more volatility, spiking to an all-time high toward the end of last week before moving back down this week.

    • 11 Dec 2018
  • Dia's backer LetterOne shops debt restructuring plan

    LetterOne, the private equity firm that is the largest shareholder in Distribuidora Internacional de Alimentación, the Spanish supermarket chain, has drafted a debt restructuring plan for the troubled company that echoes the latest attempt of renewable energy group Abengoa to survive by cutting its leverage.

    • 11 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

    • 11 Dec 2018
  • Anta mandates six for €2.2bn acquisition loan

    Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.

    • 11 Dec 2018
  • Shimao pays up to finish 2018 quota

    Shimao Property Holdings managed to raise a sizeable $570m from its bond return on Monday, using up the last of its annual fundraising quota. But to get to the chunky size at this time of the year, the Chinese company had to offer investors a generous premium.

    • 11 Dec 2018
  • EQT fund for DL four times bigger

    Private equity firm EQT closed its largest direct lending fund this week, as market participants forecast a busy year for the market in 2019.

    • 10 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.

    • 10 Dec 2018
  • Logan leaves something on the table for investors

    Logan Property Holdings Co made a quick venture into the market on Thursday to use the remainder of its offshore issuance quota for the year. The typically price-sensitive issuer willingly left something on the table for investors this time around to ensure their support in 2019.

    • 07 Dec 2018
  • Haitong Securities, Founder Group head to euros

    China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.

    • 07 Dec 2018
  • Trinitas V CLO reset delayed as year-end volatility bites securitization

    CLO market sources tell GlobalCapital that Natixis has been unable to successfully market a CLO reset on behalf of Trinitas Capital Management and will delay the offering until early 2019 as investors balk at tight spreads in a highly volatile market.

    • 06 Dec 2018
  • Brexit anxiety kills refi loan from Vue

    Cinema operator Vue International cancelled its £833m-equivalent leveraged loan offering amid increasing investor aversion to sterling risk, as the UK government and Parliament descended into a full-blown clash over the conditions for separation from the European Union.

    • 06 Dec 2018
  • Launches galore from Dongying, Dianchi and Laos bank

    Loans syndicate bankers in Asia are keeping busy until the end of the year with new deal launches from across the region.

    • 06 Dec 2018
  • Education loans in spotlight amid sector, financial challenges

    Three Chinese education companies have ventured out for new loans, adding a dash of diversity to the syndication market. But they come at a time when lenders are increasingly conservative about the sector, owing to stricter regulations and amid concerns around borrowers’ financial performance, writes Pan Yue.

    • 06 Dec 2018
  • Dongying pours out $200m two-tranche financing

    Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material have approached retail lenders for a joint borrowing of $200m.

    • 06 Dec 2018
  • Corp defaults to rise, says Moody’s

    Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.

    • 05 Dec 2018
  • Fund outflows bring levfin to standstill

    Investors in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week.

    • 05 Dec 2018
  • What a difference a day makes in IG bonds

    On Monday, the euro corporate bond market delivered its largest ever deal in December. However, on Tuesday, there was no follow-up and the dramatic fall in global equity markets has led some investors to call the end of 2018 from a new issue perspective.

    • 05 Dec 2018
  • Private equity jeopardising levfin creditor protections

    Senior credit analysts at Moody’s are warning that the private equity-led proliferation of weak creditor protections in the leveraged loan market may mean a more protracted and challenging default cycle in coming years.

    • 04 Dec 2018
  • Distressed CMC Ravenna stokes HY’s Italian fears

    The risk appetite of high yield bond investors in Europe continues to pall, as Italian construction firm Cooperativa Muratori e Cementisti di Ravenna filed for creditor protection this week.

    • 04 Dec 2018
  • Kames vows ‘business as usual’ after HY departures

    Four fund managers have left Kames Capital’s fixed income team to join competitor Artemis this week, prompting a staff reshuffle at their former employer and expectations of new high yield funds being opened at their new home.

    • 04 Dec 2018
  • Element seeks add-on with flexible covs

    Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.

    • 03 Dec 2018
  • KWG wraps up annual funding with $150m tap

    Chinese property developer KWG Group Holdings executed a swift tap last Friday to use up the rest of its fundraising quota for the year, adding $150m to its coffers.

    • 03 Dec 2018
  • BOL set to return for $100m borrowing

    Bank of the Lao PDR (BOL) is planning to return to the loan market for a $100m facility with an unlimited greenshoe option.

    • 03 Dec 2018
  • Dianchi Water streams debut $150m loan

    China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.

    • 03 Dec 2018

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,416.85 91 7.59%
2 JPMorgan 16,386.55 57 6.40%
3 Deutsche Bank 15,760.57 59 6.16%
4 Credit Agricole CIB 14,532.27 68 5.68%
5 Goldman Sachs 14,155.41 61 5.53%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.80%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%